@UncleB wrote:
@Justagirl73 wrote:
@CrankyDave wrote:
@Justagirl73 wrote:
@BKFireFly wrote:
I had no clue platinum was code for sub-prime. Thank you for this information.
It's not code for sub-prime exclusively.
I have a platinum rewards visa signature card from Penfed and the minimum starting credit line is 5k. There is nothing subprime about it.
Call it "builder" or "entry level," whatever. For instance, Capital One goes Platinum -> Quicksilver One -> Quicksilver.
That is also NOT true. My card is not a rebuilder or entry level card. I can't think of any rebuilder or entry level cards that the minimum starting credit line is 5k. Please share if you have knowledge of some that exist. I'm sure many on this board would be interested.
Grouping all platinum cards cards together based of off Cap1s card tiers is not an adequate assessment of platinum cards.
I can think of a few platinum cards that are nowhere near subprime, rebuilder or entry level.
Another example of an excellent "Platinum" card is the NFCU Platinum... it actually has their best APR, and the underwriting is no different from their other cards.
It's a good option for people who aren't interested in perks/rewards (or already have rewards covered with other cards) and just want a no-frills card for the occasional BT.
To add to this most of your lowest APR cards from any banks or CU are platinum cards such as
https://simmonsbank.com/bank/credit-cards/visa-platinum
and
https://www.iberiabank.com/personal/credit-cards/visa-platinum-terms/
These are two of the toughest lenders to obtain and need EXCELLENT credit for them even to take a look at you. This is just two examples. Pltainum has lower swipe fees is all with less benefits, but doesn't mean their APR or rewards or whatever are bad, just means since less fees they can pass the savings onto the customer
